South Korea Vertical Farming Market Size & Outlook
South Korea vertical farming market, 2018-2030 (US$M)
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South Korea vertical farming market highlights
- The South Korea vertical farming market generated a revenue of USD 244.2 million in 2023 and is expected to reach USD 927.9 million by 2030.
- The South Korea market is expected to grow at a CAGR of 21% from 2024 to 2030.
- In terms of segment, fruits vegetables, & herbs was the largest revenue generating crop category in 2023.
- Fruits Vegetables, & Herbs is the most lucrative crop category segment registering the fastest growth during the forecast period.
Vertical farming market data book summary
| Market revenue in 2023 | USD 244.2 million |
| Market revenue in 2030 | USD 927.9 million |
| Growth rate | 21% (CAGR from 2023 to 2030) |
| Largest segment | Fruits vegetables, & herbs |
| Fastest growing segment | Fruits Vegetables, & Herbs |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Fruits Vegetables, & Herbs, Flowers & Ornamentals |
| Key market players worldwide | AeroFarms, Illumitex, Everlight Electronics, Agrilution, American Clay Works & Supply Company, Freight Farms, GrowUp Farms, Green Sense Farms, Vertical Farm Systems |
Other key industry trends
- In terms of revenue, South Korea accounted for 4.2% of the global vertical farming market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China vertical farming market is projected to lead the regional market in terms of revenue in 2030.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,632.0 million by 2030.
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Vertical Farming Market Scope
Vertical Farming Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea vertical farming market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to vertical farming market will help companies and investors design strategic landscapes.
Fruits vegetables, & herbs was the largest segment with a revenue share of 66.58% in 2023. Horizon Databook has segmented the South Korea vertical farming market based on fruits vegetables, & herbs, flowers & ornamentals covering the revenue growth of each sub-segment from 2018 to 2030.
The vertical farming market in South Korea has been growing rapidly in recent years, driven by a combination of government support, increasing demand for fresh produce, and the country's limited land resources. The South Korean government has identified vertical farming as a solution to the growing demand for fresh produce and has provided funding and incentives to support the growth of this sector.
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Target buyers of South Korea vertical farming market databook
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Our clientele includes a mix of vertical farming market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the South Korea vertical farming market , including forecasts for subscribers. This country databook contains high-level insights into South Korea vertical farming market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea vertical farming market size, by crop category, 2018-2030 (US$M)
South Korea Vertical Farming Market Outlook Share, 2023 & 2030 (US$M)
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